Virginia Commerce Bancorp mulls alternatives

SaabiraChaudhuri

Virginia Commerce Bancorp Inc.
VCBI
has confirmed its board has begun to review strategic alternatives, including a possible merger or sale.

The Arlington based bank has hired Sandler O'Neill + Partners, L.P. as its financial adviser.

Bloomberg News first reported the possible sale on Friday, citing a person familiar with the matter. It reported that Sandler began reaching out to potential suitors before Christmas, with first-round bids due in mid-January.

In October, Virginia reported that its third-quarter profit has risen 37% as noninterest income surged. And in December, the bank said it had repurchased all of its series A preferred stock that was issued to the U.S. Treasury under the Troubled Asset Relief Program

Shares closed Friday at $10.55 and were inactive in recent premarket trading. The stock has risen 23% in the past three months.

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